ADVERTISING FEATURE Budgeting Tips for Young Families A LOT of young families have it tough. Newlyweds are learning how to live together, starting careers, buying houses, paying bills, having kids: it’s exhausting and it’s expensive. New parents get a crash course in budgeting as soon as baby number one comes along, be it for weekly things like food and bills, or necessary extras like paying for childcare, school or a babysitter. It’s about penny pinching, finding shortcuts, and spending and saving the smartest way possible. Some families live that way forever; others look back years down the road and wonder how they ever managed on such a small income. Finances are stressful: there’s no way around it. Your job is to not let the demons of debt take away from any of the wonderful parts of starting a family. Find Your Way to Budget and Save Sorry – there is no secret method to perfect finances. Every family will do things a little bit differently. However, every budget plan has a similar format: taking a total income, subtracting the necessary expenses (for bills, food, mortgage, et cetera), then setting aside funds for important events , and finally putting the rest toward family savings or fun extras (like a night out or a family holiday). The key is to make sure you aren’t cutting into the money for necessary expenses and savings by spending too much on the fun extras: that’s when debt rolls in. Scrimping Secrets There are a few tried and true methods of stretching a small income over a growing number of family members. Having trouble monitoring your spending? Take out a set amount of cash for one week, and only use that cash to purchase items. Can you make it through all seven days? What items do you buy that aren’t necessary purchases? Plan a stay-cation. Spend time bonding with your family without busting your budget: consider going camping within driving distance from home, or going on day trips to local attractions. Spearhead a local carpool system with other parents to daycare, to work – even to the supermarket. Not only will you cultivate relationships with other families, you’ll save on petrol money! Pack a lunch for yourself, your partner, and your kids instead of buying one. Even cheap fast food menus will cut into your budget more than homemade food. Learn new skills, like changing your own oil or giving haircuts. The extra dollars saved can go toward savings or a luxurious splurge. Give Yourself a Break You’ll rarely find a young family with perfect expenses. Learning how to Facts and Figures DiD you know? The Heart Foundation says each year there are approximately 55,000 heart attacks in Australia – about one every 10 minutes. Females are just as likely to die from a heart attack as males and Cancer Council Australia says one in two Australian men and one in three Australian women will be diagnosed with cancer by the age of 85. Did you know? According to a 2010 report from Lifewise and the National Centre for Social and Economic Modelling: “One in five families will be impacted by the death of a parent, a serious accident or illness that renders a parent unable to work.” The same report says 95 per cent of families do not have adequate levels of insurance. This underinsurance, in the next decade, will cost the federal government $1.3 billion. When life throws a curve ball, it can do major damage to your lifestyle and financial security, or it can be batted away, allowing life to go on as normally as possible, and loved ones to feel the same security that they always did. That is the purpose of personal insurance - it turns a negative experience into a positive outcome. Even if you already have life insurance, it’s worth checking with a financial adviser to ensure you have enough coverage if a traumatic event occurred so that you will be financially secure. For further information, or to arrange a free initial consult, contact Steve Duldig or Angela Holyoak-Tarrant at Hamilton Hateley & Associates Pty Ltd on 8733 3777. http://www.heartattackfacts.org.au/heart-attack-facts/ and http://www.cancer.org.au/about-cancer/what-iscancer/facts-and-figures.html The Lifewise/NATSEM Underinsurance Report, Dr Simon Kelly and Dr Quoc Ngu Vu, University of Canberra, Canberra, 2010, p.2 p 0407 394 029 e info@bradtilley.com.au budget, spend, and save is something you develop and grow into. Set goals for yourself and your family. When you reach those goals, treat your family to something special. Small rewards make budgeting less of a drag and more of a challenging game. IT’S ALMOST TAX TIME! Make sure you don’t miss out on your best tax return possible and see an expert this year. I guarantee same day processing and stress free experience. Contact me now to book your appointment. Check out www.bradtilley.com.au for more information. Do you know how to protect your family’s financial future? You want to make sure you family’s financial future is looked after no matter what happens. Use the experience of a Count Financial Adviser to show you what insurance cover suits your needs to give you the peace of mind that your family is always protected. Find out how by consulting your local Count Financial Advisers: Steve Duldig Ph: 8733 3777 | Angela Holyoak-Tarrant Ph: 8733 3777 Looking after your financial life. Count advisers are authorised representative of Count Financial LImited ABN 19 001 974 625 AFSL 227232, a wholly-owned, non-guaranteed subsidiary of Commonwealth Bank of Australia ABN 48 123 123 124, Count is a Professional Partner of the Financial Planning Association of Australia Limited. www.thesoutheasterntimes.com.au Member of 649578 The South Eastern Times, Thursday, June 26, 2014 - 13 649555